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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Is Flood Insurance expensive?
Our inspection recommended getting it-- but it was not a necessity. We are 1000 feet from one of those "zones" which is why it was recommended.
Our house is on a hill and the likelihood of anything flooding is probably minimal-- but, insurance is insurance.
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Posted 6/25/10 10:53 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Re: Is Flood Insurance expensive?
I believe there are two tiers. If you're in a flood zone you're looking at over $1600 depending on the size of the property.
If you're off an official flood zone, it's about half the amount. HTH
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| Posted 6/25/10 11:21 AM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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Re: Is Flood Insurance expensive?
Theres no way you can buy it now, Congress still hasn't passed the bill
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| Posted 6/25/10 11:56 AM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: Is Flood Insurance expensive?
Posted by PennyJ923
Theres no way you can buy it now, Congress still hasn't passed the bill
I don't understand what you mean by this...can you explain what bill you're referring to? I'm curious since we need to carry flood on our home.
If you're in an actual prime flood zone the amount is about $2,100 per year for up to $250k in coverage. That is the max you can get. It doesn't matter how big your property is...it more matters how much your mortgage is or how much your property and home is worth (to a max of $250k).
I think optional flood insurance is less than $500 but really not 100% sure.
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| Posted 6/25/10 1:13 PM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Re: Is Flood Insurance expensive?
Here's some info on what's going on in regards to new flood business and renewal business -
Info from FEMA
As far as getting flood insurance after the hiatus is over - if you are in a flood zone (you can check if you are or not & what type of zone HERE ) and the definitions of what each zone is are HERE
It might be beneficial to get an elevation certificate if you are on a hill. Info for that is HERE It states in the directions that it is to be completed by a "land surveyor, engineer, or architect who is authorized by law to certify
elevation information when elevation information is required for Zones A1-A30, AE, AH, A (with BFE), VE, V1-V30, V (with
BFE), AR, AR/A, AR/AE, AR/A1-A30, AR/AH, or AR/AO.
I don't know where you are on the island, but I would call the town's building department and see what they say about getting an elevation certificate.
HTH !!
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| Posted 6/25/10 1:52 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Is Flood Insurance expensive?
We are about 1000 ft from the water (south shore) and for some reason are not considered to be in a flood zone. We pay less than $400 a year for flood insurance.
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| Posted 6/25/10 3:02 PM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: Is Flood Insurance expensive?
Posted by ny55angel
Here's some info on what's going on in regards to new flood business and renewal business -
Info from FEMA
As far as getting flood insurance after the hiatus is over - if you are in a flood zone (you can check if you are or not & what type of zone HERE ) and the definitions of what each zone is are HERE
It might be beneficial to get an elevation certificate if you are on a hill. Info for that is HERE It states in the directions that it is to be completed by a "land surveyor, engineer, or architect who is authorized by law to certify
elevation information when elevation information is required for Zones A1-A30, AE, AH, A (with BFE), VE, V1-V30, V (with
BFE), AR, AR/A, AR/AE, AR/A1-A30, AR/AH, or AR/AO.
I don't know where you are on the island, but I would call the town's building department and see what they say about getting an elevation certificate.
HTH !!
Elevation certificates are done based on a land surveyor...we're going through this process right now for construction...cost is about $1,200 for the work and the application for the LOMA (letter of map amendment) based on that certificate.
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| Posted 6/25/10 3:56 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Is Flood Insurance expensive?
In a flood zone, Yes its costly and can be.
In a flood zone, if an elevation cert is offered or you get one or have one, it can help with rate but not always the case/promised.
There is guidelines to what elevation needs to meet in order for the premium/cost to be brought down.
Non Flood zone, you are considered preferred and rates are generally $350 and up.
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| Posted 6/25/10 4:00 PM |
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Teri
my girls!
Member since 2/06 1491 total posts
Name:
Teri
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Re: Is Flood Insurance expensive?
We're actively house hunting on the south shore, very close to the water, and it seems to really depend on your loction to the canals/water, and elevation. I was quoted $1800/year just for flood with a $5k deductable on one house at the top of a canal, and maybe 1/4 mile inland was quoted $200/year for flood.
I'd call State Farm and they can help you with specific addresses.
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| Posted 6/26/10 6:56 PM |
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